Logicalis purchases Solution Technology for $90M
Laptop Battery By WTN News • 08/25/04 BLOOMFIELD HILLS, Mich. Logicalis, an international IT integration company and one of HP's largest Unix and storage solution providers, announced Monday it has acquired Solution Technology Inc., a privately held IBM solution provider and one of IBM's top 10 Business Partners. Logicalis, whose U.S. headquarters are located in Michigan, also executed a letter of intent to purchase a regional HP solution provider.
Logicalis' goal is and has always been to dramatically grow our revenue through the acquisition of complementary and very successful integrators of our top product lines, which include HP, IBM, Cisco and EMC, said Mike Cox, Logicalis' chief executive officer. Our acquisition of STI quickly takes us to a whole new level in our IBM sales and service capabilities, while our pending acquisition of an HP solution provider underscores our ongoing commitment and dedication to HP as well.
Under the agreement, Logicalis will purchase STI as a $90 million IBM business partner. STI will operate as a subsidiary of Logicalis for the balance of the calendar year. During 2005, Logicalis will integrate the two companies and establish focused HP and IBM sales and technical divisions.
STI's consulting subsidiary, Mindgent, is not part of the acquisition and will remain an independent company. The vast majority of STI's employees will become part of Logicalis; associated staff reductions will only affect positions where there is a duplication of functions.
The executive team for the combined companies will include two STI executives, Jeff Teeter, who will become general manager and executive vice president of the IBM-focused division, and Kirk Zaranti, will become senior vice president of sales of the IBM-focused division.
Logicalis expects to continue making acquisitions, purchasing additional solution provider organizations with complementary vendor lines that will strengthen its product and service offerings as well as its geographic presence throughout the United States.
Logicalis is a provider of IT integration solutions, including service specialists who specify, design, deploy and manage IT infrastructure. Logicalis maintains partnerships with technology partners such as HP, IBM, Cisco and EMC.
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